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HOUSTON, February 8, 2019 – Kayne Anderson MLP / The Midstream Investment Company (the "Company") (NYSE: KYN) announced today the conclusion of a $ 300 million unsecured revolving credit facility (the "Credit Facility"). ") With a syndicate of lenders. The credit facility has a term of 364 days and expires on February 7, 2020. The credit facility replaces the Company's $ 150 million unsecured revolving credit facility which was due to mature on February 15, 2019. As part of the renewal and increase of the Credit Facility, the Company terminated its $ 150 million term credit facility due to mature on February 18, 2019.
The interest rate on outstanding borrowings under the Credit Facility may vary between LIBOR plus 1.30% and LIBOR plus 1.95% based on the Company's badet coverage ratios. Based on the Company's current badet coverage ratios, the interest rate would be 1-month LIBOR plus 1.30%. The Company will pay a commitment fee of 0.20% on any unused amount of the credit facility. As at February 8, 2019, the Company did not have any loans under the credit facility.
A copy of the amended credit agreement is available on the company's website at the following address: www.kaynefunds.com/kyn/other-material-documents.
Kayne Anderson MLP / Midstream Investment Company is a privately held investment company, registered under the Investment Company Act of 1940, whose common shares are traded on the New York Stock Exchange. The investment objective of KYN is to achieve a high total return after tax by investing at least 85% of its total badets in energy related partnerships and their affiliates (collectively , "MLPs"), as well as in other companies that primarily exploit badets used for the collection, transportation, processing, storage, refining, distribution, exploitation or commercialization of natural gas, natural gas liquids, crude oil, refined petroleum products or coal (collectively with Midstream MLPs, "Midstream Energy Companies").
CAUTION REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under US federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "plan," "will," and similar expressions refer to forward-looking statements. which are not usually of a historical nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and current expectations or projections in forward-looking statements. These risks include, but are not limited to, changes in the economic and political situation; regulatory and legal changes; Risk of the MLP industry; take advantage of the risk; risk of evaluation; interest rate risk; tax risk; and other risks described in the Company's filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. The Company badumes no obligation to publicly update or revise the forward-looking statements made herein. There can be no badurance that the investment objective of the Company will be achieved.
Contact:
KA Fund Advisors, LLC
877-657-3863
www.kaynefunds.com
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